Nearly nine out of 10 DB scheme trustees and employers believe they should be doing more to help members with retirement choices, according to a poll by Hymans Robertson.

The poll was of 120 people who listened to a webinar organised by Hymans Robertson.

During the webinar, a panel of pensions industry experts discussed whether more support was needed to help members make the necessary complex decisions post freedom and choice.

Janine Wood, an independent trustee and ITS Limited, said trustees have a duty and a responsibility to make sure their members don't "sleepwalk" into poor retirement decisions.

She said: "It is time for trustees to stop feeling like it is un-trustee-like to make members aware of the options they have when they retire."

"Members need to be sure they really understand the right move for them and that is not always taking a DB pension."

Hymans Robertson said the need for greater assistance is a result of schemes changing the rules so members can access their benefits flexibly.

The number of people choosing to "cash-in" their final salary pension has increased, Hymans Robertson says – with a three-fold increase in transfers out across its clients over the last six months.

Ryan Markham, senior consulting actuary at Hymans Robertson, said: "Too many schemes are taking a passive approach to both communicating with and supporting their members with the freedoms.

Not only does this put members at risk of poor retirement decisions and scams, it also puts trustees and employers at risk of being accused of not providing sufficient information to make an informed choice."

Markham added that schemes have a responsibility to make sure the new flexibilities are communicated properly, and that they can be accessed in a safe and supportive environment.

120 people listened to the webinar on 3 May.

First published 01.06.2017

Lindsay.sharman@wilmingtonplc.com